Someone Got To Do It
June 10, 2008 4:04pm CST
We've all heard about the alleged sins of Big Oil, the handy media-made pejorative for the world's largest oil and gasoline manufacturers. It controls/manipulates the world energy market. Its six "supermajors" multinationals like ExxonMobil, Royal Dutch Shell, BP, Chevron are exceptionally evil corporations that are responsible for skyrocketing oil and gasoline prices. They are uniquely and grossly profitable. They deserve to have their "excess" profits taxed and their robber-baron bosses scolded if not publicly waterboarded by Congress. So since most of you all do not like me and for the most part I do not like you all. So since I am the lover of all thing evil, why not do my part to defend the evil oil companies. Here is my defense of my friends. The oil industry's average net profit margin 8.3 percent last year is lower than Big Tobacco and Big Beverage (19.1 percent), Big Pharma (18.4 percent). U.S. companies, while huge, are actually relatively small players in a gigantic global oil market. They can compete directly for only 7 percent of available reserves while large government-owned companies like Petroleos de Venezuela own and control 75 percent of world supply. ExxonMobil America's largest oil and gas corporation accounts for only 3 percent of global oil production and 6 percent of global refining capacity. It has only 1 percent of global petroleum reserves 14th in the world. Oh well someones got to do it.
• United States
10 Jun 08
Hmmm, I don't dislike you and here I was getting all excited thinking that you were really evil or something. I actually agree with you, the oil price problem is not entirely the fault of Big Oil, it's the fault of OPEC. Those are the evil ones.